GBPAUD →Technical pullback, after which the growth will continue
Updated
GBPAUD forms a reversal pattern at the base and support of the lateral range of 1.86094. The implementation phase of the set-up leads to the strengthening of the currency pair to 1.88950. The technical pullback begins, which may reach the retest of SMA-200.
The price is inside the range. From the support we see active price strengthening towards resistance. The strategy of trading inside the range is simple - it is worth to focus on the resistance and support of the flat.
At the moment correction is forming, which may be directed towards 0.382 Fibo or to SMA-200, as we have an uptrend, these levels are the key for possible entry point.
Support levels: 1.87738, SMA-200, 0.382 fibo
Resistance levels: 1.88200, 1.89214
I expect the end of the technical pullback in the area of 1.87738-1.87450 with further strengthening of the currency pair to 1.89214 or to 1.90350.
Sincerely R. Linda!
Comment
The price is testing the mentioned Fibo level and makes a false-break of the support 1.87738
We get a predictable reaction. A bullish rebound and after the price fixes above the support, the currency pair may strengthen
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